VanEck Commits to Donating 5% of BTC ETF Profits to Bitcoin Developers at Brink
VanEck, the company behind the highly anticipated Bitcoin exchange-traded fund (ETF), has announced a commitment to donate 5% of the profits from the ETF to Bitcoin developers. The money will be used to fund “critical” Bitcoin development projects.
The commitment was announced in VanEck’s Form N-1A filing, in which the company outlines the general details for its proposed ETF. The filing explains that the charity donations are part of the firm’s “commitment to support the development and enhancement of Bitcoin”.
The donated money will be administered by Brink, a non-profit established for the purpose of driving innovation in Bitcoin and blockchain technology. Brink is an independent organization dedicated to driving open-source innovation in the space by investing in projects that are often overlooked by commercial interests.
The donation from VanEck is another indication of the increasing institutional interest in the cryptocurrency space, as well as a recognition of the important work being done by the developers in the space. Hopefully, this commitment to support development will help encourage more companies to make similar commitments.